& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.14\sym{***}&     0.00         &     0.03         &     0.15\sym{***}\\
                &   (0.03)         &   (0.02)         &   (0.03)         &   (0.04)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.42         &     0.16         &    -0.09         &     0.50         \\
                &   (0.40)         &   (0.26)         &   (0.25)         &   (0.40)         \\
                &   [0.27]         &   [0.77]         &   [0.73]         &   [0.17]         \\
\midrule DV Mean&     0.20         &     0.05         &     0.05         &     0.14         \\
FS F-statistic  &     14.8         &     14.8         &     14.8         &     14.8         \\
\midrule
$\rho$(Wealth, DV)&     0.38&     0.04&     0.30&     0.45\\
\midrule
Observations    &     1248&     1248&     1248&     1248\\
